Explanation of terms

AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily
compare different savings accounts
. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Gross rate means that credit interest is paid without income tax being deducted. You can receive your interest paid gross if you are a non-tax payer and have completed an HMRC R85 form.

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

Net rate is the rate of interest the account pays after lower rate tax has been deducted. If you are a non-taxpayer, you can reclaim the tax by completing an HMRC R85 form. As the rate of tax may vary, the net rate is given for illustration only and is rounded to two decimal places.

TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service.

Calls may be monitored and recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service. Not all telephone banking services are available 24/7.